智通财经APP获悉，海底捞(06862)尾盘跌近3%，截至发稿，跌2.34%，报11.27港元，成交额1.22亿港元。
中金发布研报称，预计1H26海底捞品牌翻台率同比低单位数提升，其中1-4月表现相对较好、5-6月受消费环境承压及部分地区极端天气等因素影响，翻台率同比下滑；预计1H26客单价同比持平微降，主要由于消费情绪更偏理性(如减少点餐量或更多选择低价菜品)。海底捞整体开店策略仍偏谨慎，该行预计1H26海底捞直营店新开超20家、闭店超30家、转加盟约6家，加盟店新开超10家。
中金续指，预计上半年海底捞品牌利润率或同比保持稳健，一方面牛肉等原材料涨价或提升原材料成本，且公司上半年品牌营销投入有所增加；另一方面该行预计折摊优化延续，且去年同期员工成本高基数下今年同比或有一定改善。但考虑外卖、加盟店原材料销售及新品牌等低利润率业务占比提升，且直营店转加盟收入和汇兑收益减少，该行预计1H26公司整体利润率或同比下滑。
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